In a historic final address from the Oval Office, President Joe Biden issued stark warnings about the concentration of power and wealth in America as he prepares to transfer leadership to President-elect Donald Trump. The outgoing president’s farewell speech highlighted growing concerns about oligarchy and technological influence that could threaten democratic institutions.
Warnings about wealth concentration and tech power
During his Wednesday evening address, Biden expressed serious concerns about what he called an emerging “oligarchy” of ultra-wealthy individuals wielding outsized influence. “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” Biden stated.
Drawing parallels to President Eisenhower’s famous military-industrial complex warning, Biden cautioned about a new “tech-industrial complex” that could pose similar risks to American society. His comments come as several prominent tech industry leaders and billionaires have aligned themselves with the incoming Trump administration.
Presidential immunity and constitutional concerns
Biden called for a constitutional amendment to eliminate immunity for sitting presidents, responding to recent Supreme Court decisions that granted broad protections to Trump regarding his attempts to challenge the 2020 election results. This proposal represents one of Biden’s final policy recommendations as he concludes his term.
A presidency marked by challenges
Biden’s departure from office follows an unexpected path. Despite initial plans to seek reelection, he withdrew from the race after facing concerns about his age and following a challenging debate performance against Trump. His endorsed successor, Vice President Kamala Harris, was ultimately unsuccessful in the November election.
In a morning letter released before his evening address, Biden reflected on his accomplishments, including managing the pandemic response, supporting domestic manufacturing, and addressing prescription drug costs. “I have given my heart and my soul to our nation,” Biden wrote, “And I have been blessed a million times in return with the love and support of the American people.”
Biden’s farewell marks the end of a five-decade political career that began with his election as Delaware’s senator in 1972, included two terms as vice president under Barack Obama, and culminated in his presidency. His departure comes amid increasing support for Trump from wealthy individuals and tech leaders, with figures like Elon Musk contributing significantly to Trump’s campaign and others like Mark Zuckerberg and Jeff Bezos making overtures to the president-elect.
